M O R I TA R E P O R T 2 0 1 2

To Shareholders and Investors
I n t e r i m B u s i n e s s R e p o r t f o r t h e 80t h Te r m
From April 1, 2012 to September 30, 2012

Securities Identification Code: 6455

Morita Topics
Morita Group has developed Japan’s Highest 54-m
Ladder Truck with the latest functions (MLL type)
Morita Group has been working on technological developmentin pursuit of safer and faster fire fighting and rescue operations
and has now developed Japan’s Highest 54-m Ladder Truckwith the latest functions. Comparing to the highest laddertrucks currently used in Japan that are 50m high above ground,
this is 4m longer and reaches up to 18 stories above ground.
This ladder truck is equipped with a basket used to discharge
water from the remote water monitor fixed to the tip of theladder or rescue trapped people in a high-rise fire. As the mostdistinctive features, this new ladder truck has a basket with themaximum load capacity of 270kg, which is the firstachievement of 50-m-class ladder trucks, and the simultaneoususe of the basket and the lifter to shuttle between the ladder tipand ground. In addition, a vibration suppression system isinstalled to automatically suppress the vibration of the ladder.
This is truly a state-of-the-art ladder truck for safe and rapid
fire fighting and rescue operations.
Under the slogan of “Protecting Human Life and MotherE a r t h ” , w e wo u l d l i ke t o c o n t i n u e d eve l o p i n g n ew
technologies.

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M O R I TA R E P O R T 2 0 1 2

Lumbar Support Wear, “rakunie,” was newly released.
Morita Holdings has developed andlaunched lumbar support wear,“rakunie” that helps you in doing
back-straining work. Thisdevelopment was carried out
through industry-academia
cooperation by Keio University(Professor Nobutoshi Yamazaki,Faculty of Science andTechnology) and a medical supply
manufacturer, Daiya Industry Co.,
Ltd. In the early stages, weintended to protect the low backs ofrescue workers engaged in workthat was hard on their backs. We
found, however, that this product would also help older workers
who will continue to grow and home care workers who were
supporting our current aging society, and we further worked onmodifications. We also tried to design the product by taking
advantage of the functionality. Thanks to the beauty in design,we were able to win the Good Design Award 2012.
With the catch phrase “Move in Comfort! Makes Work Fun!”this product was also displayed at exhibitions of the nursing careindustry. Aiming for entry into different industries such as
medical, welfare, farming, fishery, and transportation, we will
introduce this product to a wide range of markets.
The name of “rakunie” is our coined word by combining “rakuni” (comfortably) and “e” (wear), meaning “wearing of thisproduct makes you comfortable.”M O R I TA R E P O R T 2 0 1 202

MIYATA has developed the latest power-assisted
bicycle with “the first after-sale service and longest
warranty system in industry.”
Miyata Cycle Co., Ltd. is pleased to announce that we will
launch two models of power-assisted bicycles, “Lilly Assist”
and “EX Cross S Assist” from this December. They are
equipped with the latest power-assisted unit “Power Cross
Assist System” that has realized low noise, low vibration, highefficiency, and the lightest weight.
We have developed this power-assisted bicycle jointly with
NIDEC CORPORATION of which technology of DC
brushless motor has number-one share in the world. As well as
having resolved the biggest challenges such as battery
capacity, weight saving, and easy operation, we havedeveloped the industry’s first “Smart Diagnosis System”
allowing quick status checks of the assist unit for your beloved
vehicle and battery charging via connection to a dedicated PCin MIYATA Care Shop. This destroyed the stereotype that it
takes time to repair power-assisted bicycles.
In addition, the industry’s longest warranty period is also a big
feature of this product.
M o r e t h a n t wo t i m e s l o n g e r m i l e a g e t h a n t h o s e o fconventional models, use of ultra-lightweight battery with highcapacity, light and stable ride with both the front and rear
wheels driven, high-efficient regenerative charging system thatallows charging while riding, and so on—while having these
multiple functions, this power-assisted bicycle is easy tooperate.

Lilly Assist
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M O R I TA R E P O R T 2 0 1 2

EX Cross S Assist

Message from Top Management
We would first like to extend our deep appreciation for yourcontinued support for the Morita Group.
It is our pleasure to give a briefing about the business overview
to present our Interim Business Report for the first half ofFY2012 (80th term).

Business Overview
Although the Japanese economy for the first half of FY2012
has begun to show signs of recovery in domestic demand,
thanks to the momentum of demand from the post-Great East
Japan Earthquake reconstruction projects, investments inpublic works projects, and eco-friendly car subsidies, among
other factors, it still remains uncertain, reflecting the sluggish
Eurozone economy resulting from the European debt
problems, prolonged yen appreciation, and concern over thepossibility of a downturn in the emerging countries, chiefly
China and India.
Under these circumstances, the Morita Group has continued
our efforts to reduce costs and develop new products, inaddition to our aggressive marketing expansion efforts.
Our operating results for the first half of FY2012 are as
follows: The Group’s net sales amounted to 23,923 million
yen, an increase of 3,561 million yen, or 17.5% from the same
period of the prior year; operating profit amounted to 1,134
million yen, an increase of 587 million yen, or 107.4% fromthe same period of the prior year; ordinary profit amounted to
1,155 million yen, an increase of 534 million yen, or 85.9%
from the same period of the prior year; and net income
amounted to 559 million yen, an increase of 296 million yen,or 113.1% from the same period of the prior year. Thus, theGroup achieved record sales, operating income, ordinaryincome, and net income again.
The Group’s operating results by segment are as follows: TheFire Fighting Vehicles Business sales were 8,022 million yen,
up 19.8% from the same period of the prior year and segment
income was 49 million yen, down 52.8% from the same periodof the prior year, because we continued to receive orders
successfully. The Fire Protection Equipments & Systems
Business sales were 8,119 million yen, up 14.0% from thesame period of the prior year and segment income was 686
M O R I TA R E P O R T 2 0 1 204

million yen, up 67.9% from the same period of the prior year,
reflecting increased demand resulting from the amendments tothe laws and ordinances pertaining to fire extinguishers. The
Recycling Machines Business sales were 2,213 million yen, up
24.3% from the same period of the prior year and segment
income was 105 million yen, compared with a loss of 24
million yen for the same period of the prior year. The
Environmental Conservation Vehicles Business sales were4,351 million yen, up 32.0% from the same period of the prioryear and segment income was 261 million yen, compared witha loss of 12 million yen for the same period of the prior year,
due to the elimination of production disruption following theGreat East Japan Earthquake during the same period of theprior year. The Bicycles Business sales were 1,217 million
yen, down 17.1% from the same period of the prior year andsegment income was 8 million yen, down 88.3% from thesecond period a year ago, partly due to the slowdown in themarket as a whole reflecting the sharp decline in the special
demand that occurred during the same period of the prior year
due to the influence of the Great East Japan Earthquake.

Future Outlook
As described above, the Group’s business performance for thefirst half of FY2012 remained generally steady, chiefly
because the business results of the Fire Protection Equipments& Systems Business and the Environmental Conservation
Vehicles Business grew strongly and each of these segments
ended in the black. Although the Japanese economy would still
remain in the balance for the moment, we will endeavor tocontinue our aggressive marketing activities and promotemeasures for cost reduction and production efficiency so as toattain profitability.
In conclusion, we would like to take this opportunity to ask
our shareholders for continued support and encouragement.
November 2012

Masahiro Nakajima
President
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M O R I TA R E P O R T 2 0 1 2

Consolidated Summary
Consolidated Balance Sheets

Morita Holdings Corporation and Consolidated Subsidiaries
Millions of yen

FY2011First half

FY2012First half

FY2011
Full Year

AssetsCurrent assets¥ 31,086 ¥ 35,968 ¥ 40,948

Property, plant and equipment

29,36829,652

29,148Intangible assets

1,705

1,560

1,613

Investments and other assets

5,903

5,753

6,341

Total assets¥ 68,063 ¥ 72,933 ¥ 78,051

Liabilities
Current liabilities¥ 17,245 ¥ 21,991 ¥ 27,263

Long-term liabilities

17,527

14,648

14,571

Total liabilities

34,77336,63941,834

Common stock

4,746

4,746

4,746

Additional paid-in capital

3,743

3,742

3,742

Retained earnings

26,66628,92728,859Net assets
Shareholders’ equity(1,038)(1,044)(1,040)34,11636,37236,307

Unrealized gains (losses) on available-for-sale securities

(253)

9267

Deferred gains (losses) on hedges

(19)

(6)

0

Unrealized gains (losses) on revaluation of land

(1,428)(1,066)(1,066)

Foreign currency translation adjustments

(328)

(313)

(351)

Total accumulated other comprehensive incom(2,029)(1,294)(1,350)Minority interests in consolidated subsidiaries

1,202

1,216

1,258

33,28936,29436,216

Treasury stock, at cost
Total shareholders’ equity
Accumulated other comprehensive income

Total net assets
Total liabilities and net assets¥ 68,063 ¥ 72,933 ¥ 78,051(Note) Figures less than 1 million yen are rounded down to the nearest 1 million yen.

M O R I TA R E P O R T 2 0 1 206

Consolidated Statements of Income

Morita Holdings Corporation and Consolidated Subsidiaries
Millions of yen

FY2011First half

Net sales

FY2012First half

FY2011
Full Year¥ 20,362 ¥ 23,923 ¥ 63,694

Cost of sales
Gross profit

14,717
5,645

17,5196,404

47,911
15,783

Selling, general and administrative expenses
Operating income
Other income
Other expenses
Income before income taxes
Income taxes
Current
Deferred

5,097
547233
174
606

5,269
1,134201351
984

10,709
5,073
561
1,020
4,614335
—
335

470
—470

2,222(480)1,741Minority interests in earnings of consolidated subsidiaries
Net income8¥ 262(45)
¥ 559

69
¥ 2,803(Note) Figures less than 1 million yen are rounded down to the nearest 1 million yen.

Consolidated Statements of Cash Flows

Morita Holdings Corporation and Consolidated Subsidiaries
Millions of yen

Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of period (year)

FY2011First half

FY2012First half

FY2011
Full Year(¥ 440)
(1,082)(79)0(1,601)
6,373¥ 4,771(¥ 777)(1,039)(325)
20(2,122)
8,667¥ 6,545¥ 5,510(1,898)(1,314)
(5)
2,293
6,373
¥ 8,667(Note) Figures less than 1 million yen are rounded down to the nearest 1 million yen.

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M O R I TA R E P O R T 2 0 1 2

Company Profile(As of September 30, 2012)

Overview
Company Name

MORITA HOLDINGS CORPORATION

Inauguration of Business
Establishment
CapitalApril 23, 1907

Ju l y 23, 1932

¥4,746mil

Osaka Head Office

5-5-20 Shoji-Higashi, Ikuno-ku, Osaka-shi, Osaka

Tokyo Head Office

3-25-31 Nishishinbashi, Minato-ku, Tokyo

Type of BusinessControl/management of business activities
of group companies, and being entrustedwith indirect management operations

Group Companies
MORITA CORPORATION

1-5 Techno Park, Sanda-shi, Hyogo, 669-1339, JapanDevelopment, manufacturing and sales of ladder trucks, fire trucks
and other types of fire trucks and specialty vehicles

MORITA BOHSAI TECH CORPORATION

Shiba 256 Square Building 8F, 2-5-6 Shiba, Minato-ku, Tokyo, 105-0014, Japan
Sales of fire protection equipment mainly fire extinguishers. Design,construction and maintenance of fire protection facilities

MORITA ENVIRONMENTAL TECH CORPORATION

1530 Konoda-cho, Funabashi-shi, Chiba, 274-0081, Japan
Design of waste recycling facilities and other waste disposal facilities.
Development, manufacturing and sales of large hydraulic equipment

MORITA ECONOS CORPORATION

1-48 Jinmu-cho, Yao-shi, Osaka, 581-0067, Japan
Development, manufacturing and sales of environmental
conservation vehicles such as sanitation vehicles and garbage trucks

MORITA TECHNOS CORPORATION

5-5-20 Shoji-Higashi, Ikuno-ku, Osaka-shi, Osaka, 544-0003, Japan
Aftercare service and maintenance of fire trucks and of equipment and materials for lifesaving. Development,
manufacturing and sales of electronic applied machinery and information processing machinery

MIYATA INDUSTRY CO.,LTD.

1-1-1 Shimomachiya, Chigasaki-shi, Kanagawa, 253-8588, Japan
Development, manufacturing and sales of fire extinguishing-related equipment, mainlyof fire extinguishers, firefighting equipment and other fire protection equipment

MIYATA CYCLE CO.LTD.

3-25-31 Nishishinbashi, Minato-ku, Tokyo, 105-0003, Japan
Development and sales of bicycles

M O R I TA R E P O R T 2 0 1 208

MORITA SOGO SERVICE CORPORATION

5-5-20 Shoji-Higashi, Ikuno-ku, Osaka-shi, Osaka, 544-8585, Japan

ALUVO CORPORATION

1479-1 Kamikanzo, Iwata-shi, Shizuoka, 438-0115, Japan

MORITA U.G. CORPORATION

Shiba 256 Square Building 8F, 2-5-6 Shiba, Minato-ku, Tokyo, 105-0014, Japan

MORITA ENGINEERING CORPORATION

1-48 Jinmu-cho, Yao-shi, Osaka 581-0067, Japan

HOKKAIDO MORITA CORPORATION

13-2-17 Naebo-cho, Higashi-ku, Sapporo-shi, Hokkaido, 065-0043, JapanKAGOSHIMA MORITA PUMP CORPORATION

12-32, Matsubara-cho, Kagoshima-shi, Kagoshima, 892-0833, Japan

MORITA TOYO CORPORATION

1700-2 Konjinzuka, Sanagu-cho, Iga-shi, Mie, 518-0001, JapanSHANGHAI JINDUN SPECIAL VEHICLE EQUIPMENT CO., LTD.

No.1515, Lizheng Road, Shuyuan Town, Pudong New Area,Shanghai, China, 201304

NANJING CHENGUANG MORITA ENVIRONMENTPROTECTION SCIENCE & TECHNOLOGY CO., LTD

No.188 Tianyuanzhong Road, Jiangning Economic & TechnicalDevelopment Zone, Nanjing, China, 211100

SICHUAN MORITA FIRE SAFETY APPLIANCES LIMITED COMPANY

No.8, Xinhua Avenue, Chengdu Cross-Straits Technological Industry
Park, Wenjiang District, China, 611130

MORITA HOLDRICH (HONG KONG) COMPANY LIMITED

Rm.1911CC Wu Building, 302-8 Hennessy Rd., Wan Chai, Hong Kong09

M O R I TA R E P O R T 2 0 1 2

Shareholder’s MemoInformation about the StockBusiness YearApril 1st to March 31st

Annual General Meeting of Shareholders
Reference Dates

June

Annual General Meeting of Shareholders - March 31stYear-end Dividend - March 31st
Interim Dividend - September 30th
Other dates published in advance as necessary

Method of Public Notice

Posted on company website
http://www.morita119.com/kohkoku/index.html
Administrator of the Shareholders List
Sumitomo Mitsui Trust Bank, Limited
1-4-1, Marunouchi, Chiyoda-ku, Tokyo

Place of Clerical Office for the above
Stock Transfer Agency Department, Sumitomo Mitsui Trust Bank, Limited
4-5-33, Kitahama, Chuo-ku, Osaka-shi(Postal Address)

Stock Transfer Agency Department, Sumitomo Mitsui Trust Bank, Limited
1-10 Nikko-cho, Fuchu-shi, Tokyo 183-8701(Telephone Inquiries)+81-120-176-417<*The postal address and number for telephone inquiries will change from January 2013.>
Stock Transfer Agency Department, Sumitomo Mitsui Trust Bank, Limited
2-8-4 Izumi, Suginami-ku, Tokyo, 168-0063+81-120-782-031(Internet Website URL)

http://www.smtb.jp/personal/agency/index.html
Stock Listing

Tokyo Stock Exchange, Osaka Securities Exchange[Special Account]
For shareholders who did not use JASDEC (Japan Securities DepositoryCenter, Inc.) before the share certificates were computerized, an account (aspecial account) has been opened with Sumitomo Mitsui Trust Bank,
Limited, the shareholder registration administrator. For details regarding thespecial account, notification of address change, and so on, please inquire
using the contact information listed above.

[Notification of address change and inquiries]
For shareholders who have an account at a securities firm, please contact
the firm where your account was established for notification of addresschange and so on. For shareholders who do not have an account at asecurities firm, please inquire using the contact information listed above.

M O R I TA R E P O R T 2 0 1 210

Please visit our website
for the latest investor relations information.

http://www.morita119.com

Online Storefor MORITA Original Goods“MORITA NETSHOP”
http://morita119-netshop.com/Osaka Head Office
5-5-20 Shoji-Higashi, Ikuno-ku, Osaka-shi, Osaka, 544-8585, Tel. +81-6-6756-0100
Tokyo Head Office
3-25-31 Nishishinbashi, Minato-ku, Tokyo, 105-0003, Tel. +81-3-5777-5777

http://www.morita119.com